User:Smallbones/Pres0

Banc De Binary closed this week under a cloud

• e.g. Banc De Binary closing operations , The Marker, Jan. 10, 2017
• The wolves of Tel Aviv: Israel’s vast, amoral binary options scam exposed, Times of Israel, March 23, 2016 (Industry background)

"the world’s biggest binary options brokers, Banc de Binary, has paid millions of dollars in settlements to US and Cypriot authorities this year following allegations of illegal activity. It has been censured by regulators in Cyprus four times this year and its financial services licence was revoked by Belize last month."

• 80% losses guaranteed!, December 14, 2016, Bureau of Investigative Journalism

• June 6, 2013 - Civil suits by US SEC & CFTC
• July 2013 - Temporary injunction stopping soliciting US clients
• June 2014 - $10,000 paid editing offer to "clean up" Wikipedia article (WSJ)

• Feb. 2016 - CFTC wins suit, $11 million fine, permanent injunction

How big was the company?

• Average loss per client $20,000 (UK estimate)
• $100-$500 million annual revenues according to confusing company statements last week
• Israeli binary options industry $1.25 Billion annually (estimate)

Next